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Biz EOD: Govt to sell stake in 5 PSUs; mass exodus at Axis Bank; poverty, income inequality rises

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twitter-logo BusinessToday.In   New Delhi     Last Updated: January 8, 2020  | 21:06 IST
Biz EOD: Govt to sell stake in 5 PSUs; mass exodus at Axis Bank; poverty, income inequality rises
Top stories from the world of business and economy.

The Union Cabinet on Wednesday cleared several proposals including strategic disinvestment of small PSUs and promulgation of Mineral Laws. Nearly 15,000 Axis Bank employees have called it quits in the past few months. India's Multidimensional Poverty Index (MPI) - which measures poverty through multiple deprivations in health, education and living conditions through 10 indicators which involved mapping India's 640 districts in 2015-16 - had gone down substantially, by 271 million, in 10 years between 2005-06 and 2015-16, beating China's performance. Read for more top stories from the world of business and economy:

1. Cabinet clears strategic disinvestment proposal for BHEL, Neelachal Ispat, MMTC, NMDC

The Cabinet also approved ratification of migration and mobility partnership agreement between India and France; an MoU between India and the United Kingdom was also approved for enabling energy self-sufficiency for Railways.

2. Axis Bank resignations: 15,000 employees quit amid operational restructuring

The private lender acknowledged that it has witnessed record resignations in the past few months. The bank said that it is speeding up its pace of hiring more employees.

3. H1FY20 earnings review: India Inc records worst six-month in a decade

Cumulative financial performance of BSE-500 companies (excluding oil and BFSI), a broad representation of the market covering all major industries, sent worrying signals when analysed for the June and September quarters of FY20.

4. SBI MF, HDFC Bank, others trapped in Anil Ambani's Reliance Home Finance

The total debt obligation of the company stands at Rs 11,891 crore as of December 2019. The debentures - listed and unlisted - constitute 60 per cent of the total debt of the company.

5. Budget 2020: Niti Aayog shocker; Poverty, hunger and income inequality up in 22 to 25 States and UTs

Forget GDP growth rate for the moment. Niti Aayog's SDG Index 2019, released on December 27, 2019, says that more Indians have fallen into poverty, hunger and income inequality in the past two years. This is after a remarkable reduction in poverty between 2005-06 and 2015-16.

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